Actually on the Text Wrap thing - you should make sure that it's not checked. You can then place images with wrap settings, e.g., a transparent object from Photoshop or Illustrator, below your text, and this avoids rasterisation of text, but still have the text wrap around it.

Basic example is say an irregular nonogan in Photoshop or Illustrator with a transparent background. And you'd like to apply a text wrap to the irregular shape, not the text frame.

You can select the image itself, using the White Arrow tool, and set the text wrap for the shape, and not the frame. This allows the text to flow around the irregular shape.

Where you get the rasterisation of the text is during the export to PDF where live transparencies are not kept (a common malpractice, in my opinion).

What happens when using PDF standards of PDFx1a with a PDF 1.4 is that it forces text below objects to be rasterised as part of the object that is near it.

By placing your object below the text (say on another layer) and having your text layer as the upper most layer, you can then avoid these rasterisation errors.

You can safely turn off the "Text Wrap Only Affects Text Beneath".

If you needed to you can select the text frame and go Text Frame Options and turn on the "Ignore Text Wrap".